Solar power project receives first loan advance

Exelon Corp. (NYSE: EXC) and First Solar Inc. (Nasdaq: FSLR) on April 5 said the Antelope Valley Solar Ranch One project in Los Angeles County, Calif., has received the first advance of a loan guaranteed by the U.S. Department of Energy’s Loan Programs Office, finalizing Exelon’s ownership of the project.

First Solar said Feb. 24 that it resolved construction permit issues that delayed a $646 million federal loan guarantee from the U.S. Department of Energy.

First Solar is constructing the 230 MW photovoltaic power project and will operate and maintain the project for Exelon. As Exelon and First Solar previously announced, the first portion of the project is expected to come online in late 2012, with full operation planned for late 2013.

The project has a 25-year power purchase agreement, approved by the California Public Utilities Commission, with Pacific Gas & Electric Co. (NYSE: PCG) for the full output of the plant.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...